1. Report Core View - The company, Weili Transmission, has achieved accelerated development after its listing in 2023, making significant progress towards becoming a global leading transmission equipment manufacturer through strategic layouts and initiatives [24][25]. - The company has established a clear and systematic strategic plan for overseas market expansion, with service points in multiple key markets and has entered the qualified supplier lists of several international well - known wind power companies [28]. - The company's wholly - owned subsidiaries have received project approvals for the "Thousands of Townships and Villages Wind - Powered Action", which will promote the coordinated development of its new energy power generation and wind power transmission businesses [28]. 2. Summary by Directory 01. Research Basic Situation - The research object is Weili Transmission, and the reception time was on July 25, 2025. The company's vice - president and board secretary, Zhou Jianlin, received the investors [17]. 02. Detailed Research Institutions - The research institutions include Haitong Securities (a securities company), Qianhai Life Insurance (a life insurance company), and Boshi Fund (a fund management company) [18]. 04. Main Content Data Company Overview - Investors visited the company's exhibition hall, precision reducer factory, and speed - increaser intelligent factory. Zhou Jianlin introduced the company's growth history, main business, core products, and the latest progress of the speed - increaser intelligent factory [24]. Strategic Layout After Listing - In 2023, the company was listed on the ChiNext of the Shenzhen Stock Exchange. It increased investment in R & D and production capacity expansion. The first wind power speed - increaser was successfully assembled and tested in 2023, and the Z5503A wind power speed - increasing gearbox passed the certification. In 2024, the wind power speed - increaser business had small - batch shipments [24]. - In October 2024, the company signed cooperation agreements with Goldwind Technology to enhance R & D, production, and market capabilities [25]. Industry Barriers of Wind Power Speed - increasers - There are technical barriers (complex design, high precision requirements, and strict tests), capital barriers (large capital demand), customer and certification barriers (strict supplier access and long verification periods), and brand and talent barriers (difficult for new brands to gain trust and hard to form a team) [26]. R & D Investment - In 2023, the R & D expenses were 4,255.96 million yuan, and in 2024, they were 5,134.78 million yuan, a 20.65% increase from the previous year. The cumulative R & D investment in the past three fiscal years was 12,611.41 million yuan [26]. - As of March 31, 2025, the company had 203 authorized patents, including 31 invention patents [27]. Advantages of Speed - increaser Products - The company's wind power speed - increasers have advantages such as smooth meshing, low noise, good sealing, high efficiency, light weight, and low cost, due to advanced technology and processes [27]. Overseas Market Expansion - The company has set up global service points in key markets like Hamburg, Chennai, and Tokyo. It has entered the qualified supplier lists of international wind power companies such as Siemens - Gamesa, Enercon, and Adani [28]. Participation in "Thousands of Townships and Villages Wind - Powered Action" - The company's wholly - owned subsidiaries have received project approvals for a total installed capacity of 65MW of wind power generators, which will promote business synergy and market competitiveness [28].

Core Viewpoint - The report details the fundraising and usage of proceeds by Yinchuan Weili Transmission Technology Co., Ltd., highlighting the total amount raised, the allocation of funds, and the performance of investment projects. Fundraising and Storage - The company raised a total of RMB 640.78 million by issuing 18.096 million shares at RMB 35.41 per share, with net proceeds amounting to RMB 555.04 million after deducting underwriting fees and other expenses [1][2] - As of March 31, 2025, the total amount stored in the bank accounts from the fundraising was RMB 582.72 million, with various accounts already closed [1][2] Fund Usage - The report indicates that the total amount used from the raised funds was RMB 479.62 million, with no changes in the investment projects [2][4] - The company has utilized RMB 77.72 million of the surplus funds to permanently supplement working capital [3][4] Investment Project Performance - The precision wind power reducer production project has reported cumulative returns below the promised level by over 20%, primarily due to market environment changes and longer design and delivery cycles [3][5] - The company has adhered to regulations regarding the use of raised funds, focusing on cost control and efficient use of resources [2][3] Project Benefits and Financial Health - Some projects, such as the working capital supplement and R&D center construction, cannot be individually assessed for benefits but are aimed at enhancing financial strength and market competitiveness [2][3] - The company has reported that the actual investment amount is less than the promised investment amount, with a difference of RMB 75.41 million due to prudent fund usage [3][5]

Core Viewpoint - The report provides an overview of the usage of previously raised funds by Yinchuan Weili Transmission Technology Co., Ltd. as of March 31, 2025, confirming compliance with regulatory guidelines and detailing the financial activities related to the funds raised through the company's public offering [1][2][3]. Fundraising and Storage - The company raised a total of RMB 640.78 million by issuing 18.096 million shares at RMB 35.41 per share, with net proceeds amounting to RMB 582.72 million after deducting underwriting and other fees [3][4]. - As of March 31, 2025, the funds were stored in various bank accounts, with a total of RMB 582.72 million available [6][8]. Fund Usage - The total amount of funds used was RMB 479.62 million, with no changes in the intended use of the funds reported [6][8]. - The actual investment in the precision wind power reducer production project was RMB 479.62 million, which was lower than the committed investment of RMB 555.04 million, resulting in a shortfall of RMB 75.41 million [7][8]. Project Performance - The precision wind power reducer production project has not met its expected returns, with cumulative returns falling below the promised level by over 20%, attributed to market conditions and longer delivery cycles [7][8]. - The company has not utilized any idle funds, and all surplus funds have been redirected to enhance working capital for core business operations [8][9]. Conclusion - The report concludes that the management's report on the usage of previously raised funds accurately reflects the company's financial activities and complies with the relevant regulatory requirements [2][3].